First PacTrust Bancorp, Inc. Announces 1st Quarter Results

First PacTrust Bancorp FPTB announced net income of $693 thousand or $0.07 per share compared to net income available to shareholders of $625 thousand for the period ending March 31, 2010. Excluding certain non-core charges, Bancorp earned $2.0 million, or $0.20 per share for the quarter ended March 31, 2011. The Bank's cost of deposits declined to 0.80%, a 17.5% reduction from December 31, 2010, with core deposits growing by $14.4 million (5.3%) during the first quarter. Total assets declined by $26.7 million (3.1%), due largely to the planned shrinkage of $26.3 million of deposits with affiliates between December 31, 2010 and March 31, 2011. Net of a $0.105 dividend paid on February 24, 2011, and a $1.0 million ($0.10 per share) payment in connection with the retirement of TARP related warrants, tangible book value per share declined from $13.98 to $13.94 per share between December 31, 2010 and March 31, 2011.